不过，事情并不只是追求动量的问题。中国还有大量可以考虑的明智的投资对象。而且，对美国人来说，其中的许多投资对象可能比想象中要近得多。荷兰银行(ABN Amro)私人银行分部亚洲证券研究部负责人罗杰•格罗伯力(Roger Groebli)说，在美国上市的中国股票提供了一些相当有吸引力的机会。

One sector that analysts at ABN Amro like is Chinese solar power, which is riding both a global trend toward renewable energy and moves being made by the Chinese government itself. Two stocks Groebli cites in particular, Suntech Power Holdings (STP) and Trina Solar (TSL).

荷兰银行的分析师看好中国的太阳能行业，该领域受益于全球推广可再生能源的趋势，而且中国政府自己在这方面也在采取措施。格罗伯力特别提到了这个行业中的尚德太阳能电力公司(Suntech Power Holdings.)和天合光能（Trina Solar)。

Groebli notes that investors who stick only to Chinese stocks listed in the U.S. are going to have to stomach some volatility. The stocks are generally smaller and more technology-oriented than the giant Chinese blue chips listed in Hong Kong. (Witness the 10% one-day drop in shares of Baidu.com this month.)

格罗伯力指出，那些专注于在美上市中国股票的投资者将不得不忍受一定的波动。与在香港上市的中国内地蓝筹股相比，这些股票通常规模较小，且多为科技股。比如这个月百度(Baidu.com)的股票曾出现单日下跌10%的情况。

But Groebli also notes that buying US-listed Chinese stocks carries some unique benefits as well. A key one is that U.S.-listed companies that do most or all of their business in China will benefit as the renminbi, or RMB, appreciates. It's a simple concept, but given expectations for the Chinese currency, a potentially powerful one.

不过格罗伯力也指出，投资在美上市中国股票也有一些独一无二的好处。其中关键的一点是，这些大部分乃至全部业务都在中国的公司将因人民币升值而受益。这是一种比较简单的想法，但它考虑到了人们对人民币有可能成为强势货币的预期。

Mark Williams, Asia economist at Capital Economics in London, expects the government to let the RMB appreciate against the dollar by 10% annually in the next two years -- because it's an important step toward tackling inflation and a host of other domestic issues. That's not to say that western governments aren't screaming for it.

伦敦Capital Economics亚洲经济学家马克•威廉姆斯(Mark Williams)预计，未来两年中国政府将允许人民币每年再升值10%，因为这是解决通货膨胀问题和其他一系列国内问题的重要途径之一。当然，西方国家也会强烈要求中国政府这么做。

Groebli also points out that U.S. listings come with another benefit that can help investors deal with their volatility -- a far deeper and more active options market than is available in Hong Kong. Still, Groebli and others note that these perks are just that -- perks, and not necessarily a reason to go snap up a Chinese stock.

格罗伯力还指出了在美上市中国股票的另一个优点，那就是美国股市比香港股市更有深度且有更灵活的选择，这有助于应对这些股票的波动性。不过格罗伯力和其他人士都表示，这些优点也只是优点，它未必能成为你积极买进中国股票的充分理由。

And it doesn't mean that there aren't some serious risks. One key hazard, says Lehman's Schulte, is fraud. 'The thing that can fundamentally alter an otherwise terrific story is fraud,' Schulte says.

而且它也不意味着就没有重大风险。雷曼兄弟的肖特说，一个关键的不利因素是弄虚作假。他说，能从根本上让一只好股票面目全非的就是弄虚作假。

Such allegations are already hurting investors in Chinese solar-power company LDK Solar (LDK). The stock is down about 50% this month amid allegations (see Barron's, Oct. 8) of trouble with inventory reporting -- something the company has denied.

最近中国太阳能企业赛维LDK(LDK Solar)发生的风波就是一个例子。因被指涉嫌虚报库存，该公司股价本月下跌了大约50%。该公司自己否认有虚报行为